Wipro (NYSE:WIT) Shares Gap Down – What’s Next?

Wipro Limited (NYSE:WIT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $2.55, but opened at $2.41. Wipro shares last traded at $2.4550, with a volume of 7,744,362 shares.

Analyst Ratings Changes

Separately, Morgan Stanley downgraded shares of Wipro to an “underweight” rating in a report on Monday, January 19th. Two research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce”.

Wipro Stock Performance

The firm has a 50-day moving average of $2.52 and a 200-day moving average of $2.66. The firm has a market capitalization of $24.04 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 9.46 and a beta of 1.07.

Wipro (NYSE:WIT) last announced its quarterly earnings data on Wednesday, January 21st. The information technology services provider reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The firm had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $2.63 billion. Wipro had a return on equity of 15.35% and a net margin of 14.61%. Equities analysts anticipate that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

Institutional investors have recently added to or reduced their stakes in the company. Morgan Stanley increased its position in shares of Wipro by 65.0% in the fourth quarter. Morgan Stanley now owns 48,531,368 shares of the information technology services provider’s stock valued at $137,829,000 after acquiring an additional 19,114,904 shares during the period. State Street Corp boosted its holdings in shares of Wipro by 0.8% during the fourth quarter. State Street Corp now owns 23,861,012 shares of the information technology services provider’s stock worth $67,765,000 after purchasing an additional 179,034 shares during the period. Millennium Management LLC grew its stake in shares of Wipro by 25.9% in the third quarter. Millennium Management LLC now owns 21,305,291 shares of the information technology services provider’s stock worth $56,033,000 after purchasing an additional 4,382,854 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Wipro by 8.6% in the third quarter. First Trust Advisors LP now owns 16,654,556 shares of the information technology services provider’s stock worth $43,801,000 after purchasing an additional 1,317,586 shares during the last quarter. Finally, Defiance ETFs LLC purchased a new position in Wipro during the 4th quarter valued at about $39,525,000. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

Wipro Limited (NYSE: WIT) is an Indian multinational corporation that provides information technology, consulting and business process services. Headquartered in Bengaluru, India, the company traces its origins to 1945 when it was founded as Western India Vegetable Products and later diversified into technology and IT services. Today Wipro positions itself as a provider of enterprise IT solutions and digital transformation services for large and mid-sized organizations across multiple industries.

The company’s service portfolio includes application development and maintenance, cloud and infrastructure services, data analytics and AI, cybersecurity, digital consulting, product engineering and research and development, as well as business process services.